Machine Condition Monitoring Market – Global Industry Analysis and Forecast (2017-2026)
Machine Condition Monitoring Market is expected to grow from USD 2.18 Billion in 2017 to USD 3.77 Billion by 2026, at a CAGR of 6.3% between 2017 and 2026. (Detailed analysis of the market CAGR is provided in the report)
Machine Condition Monitoring is a process of monitoring selected physical parameters associated with machinery operation. The parameters are monitored either periodically or continuously for determining the machine integrity. Machine Condition Monitoring helps to analyze the current conditions of the machinery and allows early detection of possibility of failure. With early detection of possible faults, it is possible for plant personnel to diagnosis developing faults earlier and manage manpower, machinery parts, and schedule maintenance activities.
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Machine condition marketIncrease in need for reduced maintenance cost along with unexpected failure, increased use of wireless communication technology for condition monitoring of equipment, a rise in the number of transitions from preventive maintenance to predictive maintenance, development of a secure cloud computing platform are the major factors driving the growth of machine condition monitoring market. Additionally, wide use of machine condition monitoring systems across various industries such as chemicals, aerospace & defense, automotive, metals and mining among many others is also driving market growth. However, higher cost of monitoring machines, lack of trained technical resources for data analysis, and unpredictable maintenance periods are restraining the machine condition monitoring market growth.
Further key findings from the report:
• Cloud-based machine condition monitoring market is anticipated to grow at significant higher CAGR during the forecast period. Owing to rising adoption of Software-as-a-service applications is expected to account for a larger part in the growth of cloud-based machine condition monitoring market. Cloud-based services have several advantages which include enhanced IT security, 24/7 service, increased speed, and increased scalability
• Motor current analysis technique is anticipated to experience highest CAGR during the forecast period. With the use of motor current analysis technique, it is possible to detect defects such as current imbalance and loading issues in motors, circuitry, and motor insulation degradation, rotor damage, eccentricity in rotors, belt defects, and gearing defect, thereby increasing its adoption in machine condition monitoring market
• North America is anticipated to account for largest revenue of Machine condition monitoring market during the forecast period. Growing demand for electricity in North American countries, upcoming developments in the US, and the increasing development of manufacturing industries in Mexico will fuel the growth of machine condition monitoring market
• From the industry segment, the automotive industry is expected grow at highest CAGR between 2017 and 2026. Any failures in the automotive industry can cause unplanned asset breakdown and system downtime which further directly affects the revenue of the organization. Due to this company’s brand image and sales might be hampered, for avoiding this there is an increased adoption of machine condition monitoring systems in the automotive industry
• Among geographical regions, APAC to hold the largest share of machine condition monitoring market by 2026. High adoption of modern technologies for smart manufacturing, reduction in operational costs, and importance of security measures at workplaces in APAC countries such as China, India, and Japan, is the key factor contributing to the machine condition monitoring market in this region
• Oil & gas industry accounted for over 22% of the overall machine condition monitoring market share in 2016. Use of effective machine condition monitoring systems in oil & gas application can reduce operational expenditures. Benefits such as easy installation and easy access in sealed environments will fuel market growth in this segment
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Key Highlights:
• Analyzes competitive developments such as contracts, joint ventures, mergers & acquisitions, collaborations, product launches & developments, and research and development (R&D) in the Machine Condition Monitoring Market
• The objective of the report is to provide a detailed analysis of the Machine Condition Monitoring Market on the basis of the monitoring technique, offering, deployment type, monitoring process, industry, and geography
• Complete quantitative analysis of the industry from 2017 to 2026 to enable the stakeholders to capitalize on the prevailing market opportunities
• In-depth analysis of the industry on the basis of market segments, market dynamics, market size, competition & companies involved value chain
• Analysis of the Machine Condition Monitoring Market with respect to individual growth trends, prospects, and contribution to the total market
• Segment wise business performance detailed in a report will be worthwhile for the organizations willing to enhance its business
• Provides detailed information regarding the major factors influencing the growth of the Machine Condition Monitoring Market (drivers, restraints, opportunities, and challenges)
• This report would help stakeholders understand their competitors better and gain more insights to enhance their position in the business
Years that have been considered for the study are as follows:
• Base Year – 2016
• Estimated Year – 2017
• Forecast Period – 2017 to 2026
For company profiles, 2016 has been considered as the base year. In cases, wherein information was unavailable for the base year, the years prior to it have been considered
Research Methodology:
Bloomberg, Hoovers, Factiva are some of the sites that are being referred to gain insights about Machine Condition Monitoring Market. Experts from top manufacturing companies along with other stakeholders have been considered. This is done to validate and collect critical information for evaluating trends related to this market during the forecast period. Top-down and bottom-up approaches have been used to estimate the global and regional size of this market. Data triangulation techniques along with other comparative analysis are also used to calculate the exact size of the Machine Condition Monitoring Market globally.
Key Players in the Machine Condition Monitoring Market Are:
• General Electric
• Emerson Electric
• National Instruments
• Honeywell
• Meggitt
• SKF
• ALS Ltd.
• Rockwell Automation
• Parker Hannifin
• Azima Dli
• Fluke Corporation
• Schaeffler
• Bruel & Kjaer
• Pruftechnik Dieter Busch
• Pcb Piezotronics
• Analog Devices
• SPM Instrument
• Flir Systems
Key Target Audience:
• Suppliers of machine condition monitoring solutions
• Associations and regulatory authorities related to plant maintenance
• Asset management consultants that specialize in physical asset management
• End-users/enterprise-users
• Research institutes and organizations
• Government bodies, venture capitalists, and private equity firms
• Market research and consulting firms
• Enterprise data center professionals
The Scope of the Machine Condition Monitoring Market:
Research report categorizes the Machine Condition Monitoring Market based on monitoring technique, offering, deployment type, monitoring process, industry, and geography (region wise). Market size by value is estimated and forecasted with the revenues of leading companies operating in the Machine Condition Monitoring Market with key developments in companies and market trends.
Machine Condition Monitoring Market, By Monitoring Technique:
• Corrosion Monitoring
• Vibration Monitoring
• Thermography
• Ultrasound Emission Monitoring
• Oil Analysis
• Motor Current Analysis
Machine Condition Monitoring Market, By Offering:
• Software
• Hardware
Machine Condition Monitoring Market, By Deployment Type:
• Cloud
• On Premise
Machine Condition Monitoring Market, by Monitoring Process:
• Portable Condition Monitoring
• Online Condition Monitoring
Machine Condition Monitoring Market, By Industry:
• Power Generation
• Chemicals
• Oil & Gas
• Metals & Mining
• Aerospace & Defense
• Automotive
• Marine
• Food & Beverages
Machine Condition Monitoring Market, By Geography:
• North America
• Europe
• Asia Pacific
• Middle East & Africa
• Latin America
MAJOR TOC OF THE REPORT
Chapter One: Machine Condition Monitoring Market Overview
Chapter Two: Manufacturers Profiles
Chapter Three: Global Machine Condition Monitoring Market Competition, by Players
Chapter Four: Global Machine Condition Monitoring Market Size by Regions
Chapter Five: North America Machine Condition Monitoring Revenue by Countries
Chapter Six: Europe Machine Condition Monitoring Revenue by Countries
Chapter Seven: Asia-Pacific Machine Condition Monitoring Revenue by Countries
Chapter Eight: South America Machine Condition Monitoring Revenue by Countries
Chapter Nine: Middle East and Africa Revenue Machine Condition Monitoring by Countries
Chapter Ten: Global Machine Condition Monitoring Market Segment by Type
Chapter Eleven: Global Machine Condition Monitoring Market Segment by Application
Chapter Twelve: Global Machine Condition Monitoring Market Size Forecast (2019-2026)
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